Wolfspeed (NYSE:WOLF) Shares Down 7.7% – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded down 7.7% during mid-day trading on Monday. The stock traded as low as $32.05 and last traded at $32.5720. 638,983 shares traded hands during trading, a decline of 85% from the average daily volume of 4,198,090 shares. The stock had previously closed at $35.28.

Analyst Upgrades and Downgrades

WOLF has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 19th. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a research note on Friday, September 25th. Susquehanna lowered their price target on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, July 21st. Weiss Ratings upgraded Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, August 24th. Finally, TD Cowen reaffirmed a “hold” rating and set a $25.00 price objective on shares of Wolfspeed in a research note on Thursday, August 20th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $25.00.

Wolfspeed Stock Performance

The company has a market cap of $1.68 billion and a PE ratio of -2.01. The stock’s 50-day simple moving average is $27.60 and its 200 day simple moving average is $34.91.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share for the quarter, beating the consensus estimate of ($2.45) by $0.19. The firm had revenue of $149.60 million during the quarter, compared to analysts’ expectations of $150.00 million. The firm’s revenue was down 24.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.77) EPS. On average, sell-side analysts predict that Wolfspeed, Inc. will post -8.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently modified their holdings of the business. WINTON GROUP Ltd acquired a new stake in shares of Wolfspeed in the 2nd quarter valued at approximately $299,000. Engineers Gate Manager LP acquired a new position in Wolfspeed during the second quarter worth $347,000. Arizona State Retirement System acquired a new position in Wolfspeed during the second quarter worth $360,000. Readystate Asset Management LP purchased a new position in Wolfspeed in the second quarter worth $6,841,000. Finally, Concurrent Investment Advisors LLC purchased a new position in Wolfspeed in the second quarter worth $229,000.

About Wolfspeed

Wolfspeed, Inc (NYSE:WOLF) develops and manufactures semiconductor technologies based primarily on silicon carbide, a wide-bandgap material designed to support efficient power conversion and high-temperature operation. Its products are used in applications where reduced energy loss, higher power density and improved thermal performance are important.

The company’s offerings include silicon carbide wafers and materials, power modules, metal-oxide-semiconductor field-effect transistors (MOSFETs), diodes and other power semiconductor devices.